Report : South America Animal Genetics Market Forecast to 2028 - Regional Analysis - by Type (Services [DNA Typing, Genetic Trait Tests, Genetic Disease Tests, and Others] and Product), Animal (Porcine, Poultry, Bovine, Canine, and Others), and Genetic Material (Embryo and Semen)
At 5.9% CAGR, the South America Animal Genetics Market is Speculated to be worth US$ 711.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America animal genetics market was valued at US$ 504.94 million in 2022 and is expected to reach US$ 711.87 million by 2028, registering a CAGR of 5.9% from 2022 to 2028. Growing preference for animal-derived food products and rising adoption of progressive genetic practices are the critical factors attributed to the South America animal genetics market expansion.
The increasing population and rapid urbanization worldwide have resulted in a growing preference for animal-derived food products such as dairy products and meat. Several studies have proved that genetically modified (GM) cow can produce more milk and is less susceptible to various common cattle diseases, such as bovine respiratory disease complex and clostridia disease. As proteins play an important role in nutrition, the consumption of meat and meat products has increased. Animal-derived proteins assist in the synthesis of body tissues for renovation and faster growth. The amino acid profile offered by animal-derived proteins plays a significant role in immunity, environmental adaptability, and other biological functions. Genetically modified poultry, such as broilers, have high protein and are easily digestible.
According to the Food and Agriculture Organization of the United Nations (FAO) estimates, the global demand for meat products has increased by 58% from 1995 to 2020. The estimates also show that meat consumption has risen from 233 million metric ton in 2000 to 300 million metric ton in 2020. Similarly, milk consumption has increased from 568 in 2000 to 700 million metric ton in 2020. The FAO also estimated that egg production has increased by 30% in 2020. Brazil is among the major developing country propelling the demand for poultry, pig meat, and milk. In contrast, country, Brazil is the largest producers of poultry, pig meat, and milk. Thus, animal genetics is serving to be a great tool to meet the growing demand for animal-derived food products. This is expected to drive the South America animal genetics market during the forecast period.
On the contrary, lack of skilled professionals in veterinary research hurdles the growth of South America animal genetics market.
Based on type, the South America animal genetics market is bifurcated into services and product. The services segment held 73.7% market share in 2022, amassing US$ 372.30 million. It is projected to garner US$ 532.24 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on animal, the South America animal genetics market is categorized into porcine, poultry, bovine, canine, and others. The porcine segment held 26.7% share of South America animal genetics market in 2022, amassing US$ 134.95 million. It is projected to garner US$ 193.40 million by 2028 to expand at 6.2% CAGR during 2022–2028.
Based on genetic material, the South America animal genetics market is bifurcated into embryo and semen. The embryo segment held 58.9% share of South America animal genetics market in 2022, amassing US$ 297.31 million. It is projected to garner US$ 413.33 million by 2028 to expand at 5.6% CAGR during 2022–2028.
Based on country, the South America animal genetics market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 48.0% share of South America animal genetics market in 2022. It was assessed at US$ 242.33 million in 2022 and is likely to hit US$ 351.47 million by 2028, exhibiting a CAGR of 6.4% during 2022–2028.
Key players operating in the South America animal genetics market are Neogen Corp; Genus Plc; Topigs Norsvin Nederland B.V; Zoetis Inc; Hendrix Genetics B.V; Alta Genetics Inc; GROUPE GRIMAUD LA CORBIERE; and Charles River Laboratories International Inc, among others.
- In June 2023, Charles River Expands Triple-Immunodeficient Mouse Model Portfolio.
- In Sept 2020, Groupe Grimaud partners with animal nutrition firm Nasekomo.
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